Operational excellence initiatives resulted in $29 million of
restructuring and related charges, expected to yield $45 million in
gross run-rate savings beginning in fiscal 2019

Free Cash Flow less Product Development spending improved by $48
million

Quarterly dividend increased for 24th consecutive year to
$0.32 per share

FINANCIAL SUMMARY

Unaudited ($millions except for EPS)

GAAP Measures

Q1 2018

Q1 2017

Change

Change

Constant Currency

Revenue

$411.4

$404.3

2%

1%

Operating Income

$14.5

$43.8

-67%

Diluted EPS

$0.16

$0.53

-70%

Cash from Operations

($81.8)

($136.7)

40%

Non-GAAP Measures

Q1 2018

Q1 2017

Change

Change

Constant Currency

Adjusted Operating Income

$43.8

$42.9

2%

-13%

Adjusted EPS

$0.59

$0.54

9%

-5%

Free Cash Flow less ProductDevelopment Spending

($117.8)

($165.5)

29%

Revenue increase was largely driven by the contribution from
the Atypon acquisition, as print book declines in Publishing were
offset by increases in Research and Solutions.

Adjusted Operating Income decline at constant currency was
mainly due to $6 million in one-time credits in the prior year related
to employee benefit plans. Cost of Sales and Operating and
Administrative Costs were up 1% and 3% at constant currency,
respectively. GAAP Operating Income additionally reflected
$29.3 million in restructuring and related charges.

Adjusted EPS decline at constant currency was due to lower
adjusted operating income. GAAP EPS also reflected
restructuring and related charges as well as foreign exchange losses
on intercompany transactions.

Free Cash Flow less Product Development Spending improvement
was mainly due to the timing of cash collections and payments as
anticipated in the fourth quarter 2017 report. Free cash flow is
seasonally negative in the first half of Wiley’s fiscal year
principally due to the timing of collections for journal subscriptions.

Return to Shareholders: During the quarter, Wiley repurchased
265,158 shares for $14 million at an average cost of $52.86.
Approximately 3.5 million shares remain in the repurchase program. In
June, Wiley increased its quarterly dividend by 3% to $0.32 per share,
marking the 24th consecutive annual increase and raising the
annualized dividend payout to $1.28 per share.

MANAGEMENT COMMENTARY

“We continue to make important progress in shifting our strategic focus
to the delivery of enhanced digital products and services for
researchers, educators, professionals, and higher education students
around the globe,” said Matthew Kissner, Interim CEO and Chairman. “We
are realigning our cost base, reallocating resources, reinvesting in
specific growth areas, and focusing on culture, productivity, and
customer engagement – all of which should benefit us in fiscal 2019 and
beyond.”

Adjusted Results: The Company provides financial measures
referred to as “adjusted,” whichexclude unusual charges and
credits as more fully described in the attached financial schedules. For
the first quarter ended July 31, the Company excluded foreign exchange
gains and losses on intercompany transactions in deriving adjusted
earnings in the current and prior year periods. This change will also be
reflected in subsequent periods. The Company believes these gains and
losses, which result from transactions associated with tax planning
efforts, do not reflect its underlying performance.

Foreign Exchange: Foreign exchange was beneficial to first
quarter revenue and EPS by $2.8 million and $0.07, respectively. If
current rates hold, Wiley expects to record a positive FY18 FX variance
due to functional currency gains related to calendar year 2017 journal
subscriptions in the UK. Variances are on a constant currency basis
unless otherwise noted.

Revenue: $223.6 million (+8% GAAP; +6% constant currency).
Growth was driven primarily by the contribution from the Atypon
acquisition (+$8 million, acquired October 2016) and higher Open
Access revenues (+20%).

Adjusted Contribution to Profit: $66.3 million (0% constant
currency). Performance reflected higher revenues offset primarily by
Atypon expenses and higher royalty costs. GAAP Contribution to
Profit: $61.5 million (2%) included restructuring charges of $4.8
million in the current year.

Calendar Year 2017 Journal Subscriptions: As of the end of
July, calendar year 2017 Journal Subscriptions were up 0.3% on a
constant currency basis with 98% of expected business contracted.

Society Publishing Partnerships: Nine new society contracts
were signed in the quarter with combined annual revenue of $6.6
million; nineteen were renewed with combined annual revenue of $11.6
million; four were not renewed totaling $0.9M.

PUBLISHING SEGMENT (BOOKS, COURSEWARE, TEST PREPARATION)

Revenue: $131.3 million (-9% GAAP; -8% constant currency).
Strong growth in Test Preparation and Certification (+20%) and Course
Workflow (+40%) were not enough to offset market-driven declines and
erosion of demand for print products in Education Publishing (-16%
overall) and STM and Professional Publishing (-8% overall).

Adjusted Contribution to Profit: $15.9 million (-18% constant
currency). Performance reflects lower revenues and the timing of
development and licensing costs. GAAP Contribution to Profit of
$5.0 million (-74%) included restructuring charges of $10.9 million in
the current year.

Adjusted Contribution to Profit: Increased to $0.8 million from
$0.1 million in the prior year. Improvement driven by revenue growth
and increased operating efficiency. GAAP Contribution to Profit:
-$2.0 million including restructuring charges of $2.8 million.

Education Services (formerly Online Program Management): In the
quarter, Wiley signed one new partner (Winthrop University) and six
new programs. One partner and five programs were retired. As of July
31, Wiley had 39 university partners and 251 programs under contract.

Wiley is a global research and learning company. Through the Research
segment, the Company provides scientific, technical, medical, and
scholarly journals, as well as related content and services, for
academic, corporate, and government libraries, learned societies, and
individual researchers and other professionals. The Publishing
segment provides scientific (STM), professional development, and
education books and related content, as well as test preparation
services and course workflow tools, to libraries, corporations,
students, professionals, and researchers. In Solutions, Wiley
provides online program management services for higher education
institutions, and learning, development, and assessment services for
businesses and professionals.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements concerning the
Company's operations, performance, and financial condition. Reliance
should not be placed on forward-looking statements, as actual results
may differ materially from those in any forward-looking statements. Any
such forward-looking statements are based upon a number of assumptions
and estimates that are inherently subject to uncertainties and
contingencies, many of which are beyond the control of the Company, and
are subject to change based on many important factors. Such factors
include, but are not limited to (i) the level of investment in new
technologies and products; (ii) subscriber renewal rates for the
Company's journals; (iii) the financial stability and liquidity of
journal subscription agents; (iv) the consolidation of book wholesalers
and retail accounts; (v) the market position and financial stability of
key online retailers; (vi) the seasonal nature of the Company's
educational business and the impact of the used book market; (vii)
worldwide economic and political conditions; (viii) the Company's
ability to protect its copyrights and other intellectual property
worldwide (ix) the ability of the Company to successfully integrate
acquired operations and realize expected opportunities and (x) other
factors detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company undertakes no obligation
to update or revise any such forward-looking statements to reflect
subsequent events or circumstances.

JOHN WILEY & SONS, INC.

UNAUDITED SUMMARY OF OPERATIONS

FOR THE FIRST QUARTER ENDED

JULY 31, 2017 AND 2016

(in thousands, except per share amounts)

FIRST QUARTER ENDED JULY 31,

2017

2016

% Change

US GAAP

Adjustments

Adjusted

US GAAP

Adjustments

Adjusted

US GAAP

Adjusted excl. FX

Revenue

$

411,444

-

411,444

404,285

-

404,285

2

%

1

%

Costs and Expenses

Cost of Sales

114,788

-

114,788

113,478

-

113,478

1

%

1

%

Operating and Administrative (A)

243,808

(3,600

)

240,208

235,340

235,340

4

%

3

%

Restructuring (Credits) Charges (A)

25,729

(25,729

)

-

(920

)

920

-

Amortization of Intangibles

12,619

-

12,619

12,573

-

12,573

0

%

3

%

Total Costs and Expenses

396,944

(29,329

)

367,615

360,471

920

361,391

10

%

3

%

Operating Income

14,500

29,329

43,829

43,814

(920

)

42,894

-67

%

-13

%

Operating Margin

3.5

%

10.7

%

10.8

%

10.6

%

Interest Expense

(3,273

)

-

(3,273

)

(4,071

)

-

(4,071

)

-20

%

-20

%

Foreign Exchange (Loss) Gain (B)

(5,136

)

6,017

881

221

1,329

1,550

Interest Income and Other

5

-

5

377

-

377

-99

%

-99

%

Income Before Taxes

6,096

35,346

41,442

40,341

409

40,750

-85

%

-12

%

(Benefit) Provision for Income Taxes (A,B)

(3,140

)

10,627

7,487

9,327

(65

)

9,262

-134

%

-33

%

Net Income

$

9,236

24,719

33,955

31,014

474

31,488

-70

%

-6

%

Earnings Per Share- Diluted (A)

$

0.16

0.43

0.59

0.53

0.01

0.54

-70

%

-5

%

Average Shares - Diluted

57,709

57,709

57,709

58,176

58,176

58,176

(A,B) See the accompanying Notes to Unaudited Financial
Statements for a description of each adjustment.

JOHN WILEY & SONS, INC.

FOR THE FIRST QUARTER ENDED

JULY 31, 2017 AND 2016

RECONCILIATION OF US GAAP TO ADJUSTED EPS
- DILUTED (UNAUDITED)

First Quarter Ended

July 31,

2017

2016

US GAAP Earnings Per Share - Diluted

$

0.16

$

0.53

Adjusted to exclude the following:

Restructuring and Related Charges (Credits) (A)

0.35

(0.01)

FX Losses on Intercompany Transactions (B)

0.08

0.02

Adjusted Earnings Per Share - Diluted

$

0.59

$

0.54

NOTES TO UNAUDITED FINANCIAL STATEMENTS

Adjustments:

A

Adjusted results for the three months ended July 31, 2017 and
2016 exclude restructuring and related charges (credits) associated
with the Company's Restructuring and Reinvestment Program of $29.3
million, or $0.35 per share, and $(0.9) million, or $(0.01) per
share, respectively. The first quarter of fiscal year 2017 credit
reflects the true-up of facility lease reserves.

B

Adjusted results exclude foreign exchange gains and losses
associated with intercompany transactions. For the three months
ended July 31, 2017 and 2016, there were losses of $6.0 million, or
$0.08 per share, and $1.3 million, or $0.02 per share, respectively.

Non-GAAP Financial Measures:

In addition to providing financial results in accordance with
GAAP, the Company has provided adjusted financial results that
exclude the impact of other nonrecurring items described in more
detail throughout this press release. These non-GAAP financial
measures are labeled as "Adjusted" and are used for evaluating the
results of operations for internal purposes. These non-GAAP measures
are not intended to replace the presentation of financial results in
accordance with GAAP. Rather, the Company believes the exclusion of
such items provides additional information to investors to
facilitate the comparison of past and present operations. Unless
otherwise noted, adjusted amounts in the attached schedules include
foreign exchange.

JOHN WILEY & SONS, INC.

UNAUDITED SEGMENT RESULTS

FOR THE FIRST QUARTER ENDED

JULY 31, 2017 AND 2016

(in thousands)

FIRST QUARTER ENDED JULY 31,

2017

2016

% Change

US GAAP

Adjustments (A)

Adjusted

US GAAP

Adjustments (A)

Adjusted

US GAAP

Adjusted excl. FX

Research

Revenue

Journal Subscriptions

$

168,325

-

168,325

162,684

-

162,684

3

%

0

%

Open Access

8,803

-

8,803

7,513

-

7,513

17

%

20

%

Licensing, Reprints, Backfiles and Other

38,230

-

38,230

37,026

-

37,026

3

%

6

%

Total Journal Revenue

215,358

-

215,358

207,223

-

207,223

4

%

2

%

Publishing Technology Services (Atypon)

8,269

-

8,269

-

-

-

Total Research Revenue

223,627

-

223,627

207,223

-

207,223

8

%

6

%

Contribution to Profit

61,461

4,836

66,297

60,435

(69

)

60,366

2

%

0

%

Publishing

Revenue

STM and Professional Publishing

$

63,600

-

63,600

70,697

-

70,697

-10

%

-8

%

Education Publishing

45,736

-

45,736

54,861

-

54,861

-17

%

-16

%

Course Workflow (WileyPLUS)

1,210

-

1,210

866

-

866

40

%

40

%

Test Preparation and Certification

11,490

-

11,490

9,558

-

9,558

20

%

20

%

Licensing, Distribution, Advertising and Other

9,242

-

9,242

8,980

-

8,980

3

%

4

%

Total Publishing Revenue

131,278

-

131,278

144,962

-

144,962

-9

%

-8

%

Contribution to Profit

5,009

10,854

15,863

19,320

353

19,673

-74

%

-18

%

Solutions

Revenue

Education Services (Online Program Management)

$

26,337

-

26,337

23,172

-

23,172

14

%

14

%

Professional Assessment

14,887

-

14,887

13,522

-

13,522

10

%

10

%

Corporate Learning

15,315

15,315

15,406

-

15,406

-1

%

-1

%

Total Solutions Revenue

56,539

-

56,539

52,100

-

52,100

9

%

9

%

Contribution to Profit

(1,968

)

2,795

827

146

-

146

N/M

N/M

Corporate Expenses

(50,002

)

10,844

(39,158

)

(36,087

)

(1,204

)

(37,291

)

39

%

6

%

Operating Income

$

14,500

29,329

43,829

43,814

(920

)

42,894

-67

%

-13

%

(A) See the accompanying Notes to Unaudited Financial Statements
for a description of the adjustment.

N/M- Not Meaningful

JOHN WILEY & SONS, INC.

UNAUDITED CONDENSED STATEMENTS OF FINANCIAL POSITION

(in thousands)

July 31,

April 30,

2017

2016

2017

Current Assets

Cash and cash equivalents

$

84,113

185,894

58,516

Accounts receivable

198,576

213,968

188,679

Inventories

47,892

54,822

47,852

Prepaid and other

66,177

119,392

64,688

Total Current Assets

396,758

574,076

359,735

Product Development Assets

68,773

39,239

70,955

Royalty Advances

21,578

24,883

28,320

Technology, Property and Equipment

265,291

214,740

252,488

Intangible Assets

833,676

831,249

828,099

Goodwill

996,000

916,690

982,101

Income Tax Deposits

-

62,200

-

Other Assets

85,028

80,185

84,519

Total Assets

2,667,104

2,743,262

2,606,217

Current Liabilities

Accounts and royalties payable

141,034

138,397

139,206

Deferred revenue

334,625

321,616

436,235

Accrued employment costs

81,245

55,241

98,185

Accrued income taxes

24,605

3,368

22,222

Accrued pension liability

5,820

5,467

5,776

Other accrued liabilities

83,509

69,042

86,232

Total Current Liabilities

670,838

593,131

787,856

Long-Term Debt

551,645

653,000

365,000

Accrued Pension Liability

212,843

206,814

214,597

Deferred Income Tax Liabilities

150,425

191,388

160,491

Other Long-Term Liabilities

72,135

82,521

75,136

Shareholders' Equity

1,009,218

1,016,408

1,003,137

Total Liabilities & Shareholders' Equity

$

2,667,104

2,743,262

2,606,217

JOHN WILEY & SONS, INC.

UNAUDITED CONDENSED STATEMENTS OF FREE CASH FLOW

(in thousands)

Three Months Ended

July 31,

2017

2016

Operating Activities:

Net income

$

9,236

31,014

Amortization of intangibles

12,619

12,573

Amortization of product development spending

9,644

9,731

Depreciation of technology, property and equipment

18,540

17,125

Non-cash charges and credits

32,045

20,231

Net change in operating assets and liabilities

(163,915

)

(227,386

)

Cash Used for Operating Activities

(81,831

)

(136,712

)

Investments in organic growth:

Additions to technology, property and equipment

(30,111

)

(20,778

)

Product development spending

(5,907

)

(7,989

)

Free Cash Flow less Product Development Spending

(117,849

)

(165,479

)

Other Investing and Financing Activities:

Acquisitions, net of cash

(4,413

)

(8,600

)

Net debt borrowings

185,964

47,993

Change in book overdrafts

(13,977

)

(12,261

)

Cash dividends

(18,382

)

(17,914

)

Purchase of treasury shares

(14,016

)

(11,289

)

Proceeds from exercise of stock options and other

5,599

13,689

Cash Provided by Investing and Financing Activities

140,775

11,618

Effects of Exchange Rate Changes on Cash

2,671

(24,051

)

Increase (Decrease) in Cash and Cash Equivalents for Period

$

25,597

(177,912

)

RECONCILIATION TO GAAP PRESENTATION

Investing Activities:

Product development spending

$

(5,907

)

(7,989

)

Additions to technology, property and equipment

(30,111

)

(20,778

)

Acquisitions, net of cash

(4,413

)

(8,600

)

Cash Used for Investing Activities

$

(40,431

)

(37,367

)

Financing Activities:

Cash Provided by Investing and Financing Activities

$

140,775

11,618

Excluding:

Acquisitions, net of cash

(4,413

)

(8,600

)

Cash Provided by Financing Activities

$

145,188

20,218

Free Cash Flow less Product Development
Spending:

The Company provides financial measures referred to as “Free Cash
Flow less Product Development Spending.” Free Cash Flow less Product
Development Spending is defined as “cash flow from operating
activities, less book composition and other product development and
capital spending.” Management believes this metric provides
additional information to investors to facilitate the comparison of
past and present results. This metric is also used internally by
management in evaluating results. This non-GAAP measure is not
intended to replace the financial results reported in accordance
with US Generally Accepted Accounting Principles.